Second charge lending boosted

Second charge mortgage lending in the year to July was up 29 per cent on the previous year, according to figures published last week by the Finance & Leasing Association.

In the 12 months to July, £394m of second charge lending was completed, up from roughly £305m in the same period a year earlier.

Around £41m was advanced in July, up 32 per cent on the previous July.

FLA head of consumer lending Fiona Hoyle says: “Our latest figures show the important contribution the credit sector provides to the wider economy. Maintaining capacity in the credit market should be a priority now that the countdown to the new FCA regime has begun.”

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The Financial Conduct Authority plans to carry out a review of complaint handling in banks and building societies, placing greater onus on the role of senior management. In a speech at a Building Societies Association event last week, FCA director of mortgages and consumer lending Linda Woodall said the regulator will undertake a review of […]

I’m often surprised by the number of people who don’t have a life insurance policy. This is despite caring for a young family and repaying a mortgage. However, with the bailiffs at the door, the credit card company on the phone and the payday lenders sending their daily text trying to reclaim their money, it’s […]